Cost Of Long Term Care

MOO-CostofCare

Hello,

A lot of people incorrectly assume that health insurance and Medicare will cover long term care. They cover medically necessary care for up to 100 days, or until you stop improving or stablize. After that, you’re on your own.

The majority of Americans over 60 do not have long term care insurance yet 70% will need care. So, why do people not buy insurance?

Most will say the cost of the policy. An average policy, depending on age, health and benefits chosen, will cost $1,000-$3,000 per year per person.

But what about the fact that the same people who say they will “self-insure” for long term care will never “self-insure” a parking meter… they always put money in the meter, even though they could easily afford and “self-insure” the parking fine.

We make decisions based mostly on emotion. That’s what causes people to buy stocks when they are high and sell when it crashes, the opposite of what seasoned investors do.

What if you “self-insure” for long term care, how much will it cost you? The national average for nursing home care is $89,000/year with some areas over $140,000/year. Home care and assisted living average $50,000/year. See how much care cost in your state: download the Cost of Care brochure.

For every $1,000 of monthly retirement income you want to generate from your own savings, you will need about $230,000 in assets, according to the Schwab Center for Investment Research. For example, if you want only $3,000 a month, or $36,000 a year, you would need savings of $690,000. That’s a conservative estimate, assuming that you earn 5.2% on your investments and live off the earnings without dipping into the principal.

If you cannot afford a long term care insurance policy, how are you going to afford paying out of pocket? The other option is spending all your cash for your care. This includes anything of cash value: savings, investments like stocks, bonds, life insurance, annuities. Medicaid allows you can keep only $2,000.

There are 30 states with filial laws that allow the state to make your children repay Medicaid for your care expenses, although this is rarely done. Fifteen years ago the #1 reason people bought long term care insurance was they did not want to be a burden on their family. Today, the #1 reason is people do not want to outlive their money (and end up on Medicaid-Welfare Health Care).

Some people will buy long term care insurance for asset protection. Most states have a Partnership program that will protect assets from Medicaid if you own a Partnership long term care insurance policy.

You have five options to pay for long term care:

1. Self-insure.

2. Long term care insurance and Partnership.

3. Life insurance with long term care rider.

4. Annuity with long term care rider.

5. Medicaid.

The life insurance and annuity do not qualify for the Partnership (neither do group LTC policies). The life/LTC or annuity/LTC are often bought because: the person’s health will not qualify for traditional LTC insurance, or the person has too many cash assets and they’d never spend down to qualify for Medicaid. An old life policy or old annuity can be converted to one with long term care benefits without paying capital gains.

You can continue down the same road, uninsured, until either a diagnosis or a serious change of health, like a stroke, will disqualify you from insuring. Then you will only qualify for state assistance. At that point you would have to have used, sold or given away your assets 5 years before applying for Medicaid. Who has the ability to see 5 years into the future?

*  The best age to insure: the age your health will still insure you.

*  The best benefits to get: enough to cover what you cannot afford to pay out of pocket.

For updated quotes and more information visit: https://guidetolongtermcare.com or https://partnershipforlongtermcare.com

 

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Posted in adult day care, Alzheimer's, asset protection, caregiver, Dementia, home care, long term care, Long term care insurance, nursing home, Partnership, senior health, seniors, skilled nursing | Tagged , , , , , , , , , , , ,

30 States Have Laws Requiring Children to Repay Medicaid for Parents Care

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Filial responsibility laws date back to 17th century English law requiring children to financially support their parents when they couldn’t support themselves.

Because of age, or maybe an illness like Alzheimer’s, millions of Americans are no longer able to take care of themselves.

Spending one’s own money for care can wipe out a life’s savings in a short time. It could be someone in your family.

What happens when the money runs out? Out of love, you may feel a moral obligation to help. In some states, however, you may be legally responsible for paying your parents’ long-term care.

In these days of economic uncertainty it is essential that people have a sense of security in terms of their future. Long term care insurance is a way to preserve that.

Like car insurance, the prices for long term care insurance will vary by company. The premium will depend on your age, health and the benefits you want.
The LTC Partnership Program provides asset protection in most states.

Since care cost differs by type and location it is important to get the right information to make an informed decision.

Other than transferring your assets to an irrevocable trust five years before you apply for Medicaid, the only way to protect your estate from Medicaid is with a Partnership long term care policy.


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Posted in Alzheimer's, asset protection, Dementia, long term care, Long term care insurance, memory problems, nursing home, senior health, seniors, skilled nursing | Tagged , , , , , , , , , ,

Risk For Depression Rises If On These Medications

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An estimated 37.2 percent of U.S. adults are taking medications that list depression as a side effect.

The research shows that the prevalence of depression among participants rose as they took more medications that list depression as an adverse effect.

Read rest of story here.

 


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Posted in depression, long term care, Long term care insurance, news, prescription medication, senior health, sleep | Tagged , , ,

Should we sleep and wake early to boost our health?

When a recent study looked at health differences between late and early risers, it appeared to make grim reading for night owls.

Increased risk of early death, psychological disorders and respiratory illness were the stark findings from the paper, which backed up other research suggesting late-nighters are more likely to suffer ill health.

But is being a night owl really bad for you and does it mean some of us should ditch the late nights and lie-ins to become more like morning larks?

Read rest of story


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Posted in Dementia, Long term care insurance, news, senior health, seniors, sleep | Tagged ,

U.S. seniors dying from falls at a higher rate

Across the nation, the rate of deaths from falls among those 65 and older increased 31 percent from 2007 to 2016 — from about 18,000 to nearly 30,000, researchers found.

“If deaths from falls continue to increase at the same rate, the U.S. can expect 59,000 older adults will die because of a fall in 2030,” said lead researcher Elizabeth Burns. She’s a health scientist at the National Center for Injury Prevention and Control, which is part of the U.S. Centers for Disease Control and Prevention.

Falls are the leading cause of both fatal and nonfatal injuries among adults aged 65 and older, she added. (more)

Falling can be caused by many factors:
* Internal factors such as slowed reflexes, balance disorders, low blood pressure, visual deficits, etc.
* External factors such as poor lighting, poor room layout, the effects of medications.

What can be done?
* Make an assessment of the risk you have by answering the questions below:
* Add up your score on a separate paper or print this.
* Read information listed at bottom of this page on prevention.

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SCORE:
0-5 = Low Risk
6-8= Moderate Risk
8+ = High Risk


Prevention:
* Tell your doctor about any falls you have taken.
* Talk with your doctor and pharmacist about medications you take.
* Inspect your home for any safety problems such as lighting, flooring, and furniture.
* Make your home safer by installing night lights, bathroom grab bars and slip-resistant floors.
* In addition to strength exercising certain exercises — yoga, tai chi, and trying to balance on one leg with your eyes closed — can help improve balance.

OTHER INFORMATION:
American Academy of Orthopedic Surgeons
National Athletic Trainers’ Association
Centers for Disease Control and Prevention – Injury


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Posted in caregiver, falls, home care, Long term care insurance, news, seniors | Tagged ,

Do CPR to “Stayin’ Alive”

Do you know the proper way to give CPR chest compressions? Turns out timing is key.

And how can you best remember that timing during an emergency?

Sing “Stayin’ Alive” by the BeeGees.

…Dr. John Hafner of the University of Illinois College of Medicine in Peoria had 15 physicians and med students perform the 100-compression procedure (on mannequins) while listening to the Bee Gees classic “Stayin’ Alive.” As Hafner reports in the Journal of Emergency Medicine, their mean compression rate was an excellent 109.1. Five weeks later, they repeated the exercise while singing the song to themselves as a “musical memory aid.” Their mean rate increased to 113.2. The medical professionals reported that the “mental metronome” improved both “their technical ability and confidence in providing CPR.”

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Posted in caregiver, CPR | Tagged

Have you insured your retirement?

Most long term care funds come from life savings or retirement savings.

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Many times, people put sophisticated plans in place to pay for their lifestyle during retirement. These plans are designed to create an income stream to pay everyday living expenses. Unfortunately, many people fail to consider one significant expense – the cost of long-term care services.

With all the retirement planning options available today, it’s important to remember one thing … people need enough retirement income to cover their expenses. Using a long-term care insurance policy to help pay for long-term care services can be a smart way to make retirement income last longer.

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This strategy is well suited for:
People who want to make their retirement income last as long as possible.
People concerned about their retirement income running out and having to rely on Medicaid for their long-term care needs.
Couples who may have different care needs.

The Partnership Asset Protection program will provide protection against Medicaid spend-down requirements. You will have a better lifestyle with more money in the bank and you can pass on more to your heirs/beneficiaries.


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Posted in asset protection, Long term care insurance, Partnership | Tagged ,